Currencies in emerging markets around the globe have suffered this year, and in particular, Turkey’s financial crisis has led to a 35% decline in the value of the Turkish lira this year. Other currencies are experiencing declines as well: the Indian rupee, Argentine peso, Indonesian rupiah, and South African rand, to name just a few, all have performed poorly this year.
That makes it more difficult for students from those countries to pay for college in the U.S. since the cost of that education rises for them as their currencies depreciate in value. Students who thought they had covered the funding of their education may suddenly find they are still short, due to these currency fluctuations.
For example, to pay a $40K tuition bill in the U.S. last fall would have required 138K lira. But the same amount of lira would only cover $21K of tuition this fall.* So anyone who saved diligently in lira to cover several years of studies in the US would have found themselves short of funds.
*based on exchange rates on September 6, 2017 and September 6, 2018
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